The growing smart home trend brings potential for home insurers to reduce expenses and grow revenues — all while enabling higher cost savings for consumers.
From internet-connected security cameras to thermostats, smart home devices are becoming increasingly mainstream.
69% of American households own at least 1 smart home device, with 18% owning several, according to a study by the Consumer Technology Association.
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Among many benefits, these technologies are helping consumers better manage, protect, and efficiently run their homes using mobile app interfaces. Both big tech companies and startups alike have developed smart home products — and consumers are showing no signs of slowing down in adopting the technology.
But beyond growing consumer appeal, smart home devices could also help home insurers in the policy-writing process. Using connected devices, insurers may be able to better assess risk, yielding greater cost savings and benefits to all parties involved.